Sensex down 59 points on profit-booking

Sensex had gained 81.63 pts yesterday but moved down by 58.74 to 16,853.97 pts today.

The BSE benchmark index Sensex fell by nearly 59 points in opening trade today as investors booked profits after yesterday8217;s gains.

The 30-share barometer,which had gained 81.63 points in the yesterday8217;s highly volatile session,moved down by 58.74,or 0.34 per cent,to 16,853.97 points in early trade.

Similarly,the wide-based National Stock Exchange index Nifty declined by 12.50 points,or 0.24 per cent,to 5,101.65 points.

Brokers said the fall in stock prices was mostly due to profit-booking by participants after yesterday8217;s gains following Finance Minister Pranab Mukherjee announced a slew of measures to provide relief to the equity markets and postponed implementation of the General Anti-Avoidance Rules by one year.

In the Asian region,the Hong Kong8217;s Hang Seng index up 0.05 per cent,while Japan8217;s Nikkei was quoted 0.57 per cent higher in early trade.

PRE-OPEN: Indian stocks to watch

GLOBAL MARKETS ROUNDUP

Shares and riskier assets recovered on Tuesday from the previous day8217;s plunge,as sentiment improved on hopes Spain would use public funds to bolster its struggling banks.

US stocks rose on Monday as investors brushed off Europe8217;s election results,as the Samp;P 500 rebounded from early losses to end nearly unchanged on Monday.

KEY EVENTS TO WATCH

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US Secretary of State Hillary Clinton meets India8217;s Foreign Minister Somanahalli Mallaiah Krishna in New Delhi and both will address a joint news conference after their meeting. 0500 GMT

RBI Deputy Governor Subir Gokarn to address an event in Hyderabad 0710 GMT

India8217;s top aluminium producer Hindalco Industries is expected to report fiscal Q4 profit fell on lower prices and higher input costs.

Other Jan-March earnings from Dena Bank,Glenmark Pharma,and Kotak Mahindra Bank

INDIAN STOCKS TO WATCH

FINANCE

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SKS Microfinance posted a 3.3 billion loss in the Jan-March quarter,wider than its 697.7 million rupees loss a year ago.

Bank of India said it has received all regulatory approvals,completing formalities for the acquisition of a 51 percent stake in Bharti Axa.

ENERGY/COMMODITIES

BGR Energy says its Iraq contract valued at 80.50 million has been terminated and that contractual claims of the company will be settled with mutual agreement.

India8217;s fire-damaged 60,000 barrel-per-day bpd Numaligarh refinery will extend its shutdown by about 25 days to the end of May.

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Mangalore Refinery and Petrochemicals Ltd has restarted two of three crude distillation units CDUs at a 300,000 barrel-per-day bpd plant that was closed more than a week ago because of water shortages,traders said on Monday.

PHARMA

Drug maker Jubilant Life Sciences reported a Jan-March net loss of 635.3 million rupees versus 617.2 million rupees profit for the same period a year ago.

Elder Pharmaceuticals is exploring options to sell its nutrition products business,two sources with direct knowledge of the development said.

One of the sources said Elder is looking for a valuation of roughly 60 million to 75 million for the business,which includes about 20 brands,and that discussions are at a very early stage. AIRLINES

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India8217;s Kingfisher Airlines will start paying January salaries starting from Wednesday,Chairman Vijay Mallya wrote in a letter to employees,as the debt-laden carrier struggles to retain staff.

OTHER FACTORS TO WATCH

Indian debt/FX factors to watch

Euro dips but market positioning may lend support

Oil dips as Europe8217;s election results fan uncertainty

Foreign institutional investor flows

For closing rates of Indian ADRs